Cullen/Frost (CFR) to Expand Further in the Austin Region
Cullen/Frost Bankers, Inc. CFR has announced plans to double its financial centers in the Austin region by 2026. This follows the successful expansion programs by the company in the Houston and Dallas regions.
In the second quarter of 2021, CFR completed its 25-branch expansion program in the Houston region. Capitalizing on the success of its footprint growth in Houston, the company planned a similar 28-branch expansion in Dallas. In April 2023, the Dallas branch expansion reached its halfway mark.
The Austin region is the third-largest deposit market in Texas, where Cullen/Frost ranks fourth in market share having more than $5 billion in deposits. The expansion initiative will further strengthen its position in the region.
CFR has achieved record highs in customer growth through its expansion efforts coupled with its focus on customer experience and financial strength.
Cullen/Frost has 17 financial centers and approximately 350 employees in the Austin region. Along with this, it has the largest ATM network in the state of Texas. This includes more than 140 ATMs in the Austin region. CFR plans to expand its operations in the region aiming for long-term growth.
Over the past six months, shares of CFR have declined 21.5% compared with a fall of 28.7% recorded by the industry.
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Cullen/Frost currently carries a Zacks Rank #3 (Hold). You can see the complete list of today's Zacks #1 Rank (Strong Buy) stocks here
Expansion Moves by Other Banks
Citizens Financial Group, Inc. CFG has expanded its private banking business with the addition of approximately 50 new senior private bankers and related support staff in Boston, MA, Florida, New York and San Francisco.
The new team at CFG will provide personal banking, retirement planning, commercial and business banking, investment management and financial planning, and other services to families, high-net-worth individuals, nonprofits and private family foundations through the bank’s Private Banking practice.
This month, BOK Financial Corporation’s BOKF division, Bank of Texas, set foot in the San Antonio market. It will offer its full-service, relationship-focused financial services in the region. This marks BOKF’s foray into the markets outside Dallas, Fort Worth and Houston, and further expands its footprint in Texas.
Bank of Texas currently has 39 total locations. BOKF’s debut in San Antonio underlines its efforts to expand in the Texas region and benefit from the dynamic and fast-growing market.
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